Abbreviations MCQ Quiz - Objective Question with Answer for Abbreviations - Download Free PDF

The Correct answer is Real Estate Regulatory Authority.

Key Points

• The term RERA stands for Real Estate Regulatory Authority.
• RERA was introduced in India under the Real Estate (Regulation and Development) Act, 2016.
• The main objective of RERA is to protect home-buyers and also boost real estate investments.
• RERA ensures transparency and accountability in the real estate sector.
• It mandates that builders and developers register their projects with RERA before advertising or selling.
• RERA provides a mechanism for grievance redressal for buyers against builders.
• The authority aims to reduce project delays and ensure timely delivery of properties.

 Additional Information

• Real Estate Authority
  • There is no specific regulatory body known as the "Real Estate Authority" in India.
  • This term is often confused with the Real Estate Regulatory Authority (RERA).
• Real Estate Re-development Authority
  • This term does not refer to any recognized regulatory body in the real estate sector in India.
  • Re-development usually refers to the process of reconstructing or renovating existing buildings or infrastructure.
• Real Estate Review Authority
  • This term does not correspond to any official regulatory body in India.
  • Review authorities are generally bodies that assess and review certain aspects, but there is no such recognized authority specifically for real estate.

The correct answer is International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families.

Key Points

• The International Convention on the Protection of the Rights of All Migrant Workers and Members of Their Families (ICRMW) is a United Nations multilateral treaty adopted by the UN General Assembly on 18 December 1990.
• It aims to protect the rights of migrant workers and their families worldwide, ensuring their fair treatment and protection from exploitation and abuse.
• The Convention emphasizes the right of migrant workers to equal treatment in terms of working conditions, wages, and access to social services, irrespective of their legal status.
• It also obligates ratifying states to combat illegal trafficking and smuggling of migrants and to promote safe and orderly migration practices.
• The Convention came into force on 1 July 2003 and is monitored by the Committee on Migrant Workers (CMW).

Additional Information

• Migrant Workers:
  • A migrant worker refers to an individual who moves from their home country to another for employment opportunities, often in search of better wages and living conditions.
  • Migrant workers contribute significantly to both host and home countries' economies but often face challenges like exploitation, discrimination, and limited access to legal protection.
• Committee on Migrant Workers (CMW):
  • This is a body of independent experts that monitors the implementation of the ICRMW by its state parties.
  • The CMW reviews reports submitted by states and provides recommendations to ensure compliance with the Convention.
• Global Migration Trends:
  • According to the International Organization for Migration (IOM), there were approximately 281 million international migrants worldwide in 2020, representing 3.6% of the global population.
  • Migrant workers form a significant portion of this population, and their remittances are critical for the economies of low- and middle-income countries.
• UN Observance:
  • The adoption date of the ICRMW, 18 December, is observed annually as International Migrants Day.
  • This day highlights the contributions of migrants and the need to protect their rights.

The correct answer is Overnight.

Key Points

• The Reserve Bank of India (RBI) has introduced the Secured Overnight Rupee Rate (SORR) as a new benchmark.
• SORR is derived from secured money market transactions, including basket repo and triparty repo (TREP).
• Its primary aim is to either replace or complement the Mumbai Interbank Outright Rate (MIBOR).
• The benchmark improves transparency in the interest rate derivatives market by using actual trade data instead of poll-based rates.
• This initiative aligns with international standards like the Secured Overnight Financing Rate (SOFR).

The correct answer is Virtual Private Network.

Key Points

• A VPN (Virtual Private Network) creates a secure and encrypted connection over a less secure network, such as the internet.
• It is widely used for privacy, security, and accessing restricted content online.
• VPNs mask your IP address, making it appear as though you're accessing the internet from another location.
• They are essential for protecting sensitive data, especially when using public Wi-Fi networks.

Important Points

• VPNs are used for both personal and corporate purposes: Individuals use them to safeguard privacy, while businesses use them to allow secure remote access to their networks.
• Popular VPN protocols: OpenVPN, IPSec, L2TP, and PPTP are some of the most widely used VPN protocols for secure data transmission.
• Public vs. Private Networks: A public network, like the internet, is accessible to anyone, while a private network is restricted to authorized users.

The correct answer is Uniform Resource Locator

Key Points

• A URL (Uniform Resource Locator) is the address used to access resources on the web.
• It consists of multiple parts, including the protocol (e.g., HTTP/HTTPS), domain name, and path.
• URLs are standardized by the Internet Engineering Task Force (IETF) and are a subset of Uniform Resource Identifier (URI).
• URLs are essential for locating and accessing websites, files, and other online resources.

The correct answer is Monopolies.Key Points

• Monopolies and Restrictive Trade Practices is how MRTP is officially referred to.
• The MRTP act in India went into effect on June 1st, 1970, after the MRTP bill was enacted in 1969.
• Over the years, this law has undergone numerous revisions as in the years 1974, 1980, 1982, and 1991.
• With the exception of Jammu and Kashmir, this law is applicable to all of India's states.
• In India, the MRTP act is no longer in effect.
• The Competition Act, which was put into effect on September 1st, 2009 by the Competition Commission of India, has taken its place.

Additional Information

• ​The MRTP act was the first significant piece of law to regulate unrestricted and free commerce.
• The government established the Sachar committee in 1977 to oversee the MRTP act's required review.

The correct answer is Chennai Petroleum Corporation Limited.

Key Points:

• Madras Refineries Limited  (MRL) was renamed Chennai Petroleum Corporation Limited (CPCL), is a division of Indian Oil Corporation Limited, which is owned by the Ministry of Petroleum and Natural Gas of the Government of India.
• Its main office is in Chennai, India.
• It was established as a joint venture in 1965 with participation from the Government of India (GOI), AMOCO, and National Iranian Oil Corporation (NIOC), in the proportions of 74%: 13%: 13%.
• With no time or cost overruns, the CPCL Refinery was built from the ground up with an installed capacity of 2.5 million tonnes per year in a record-breaking 27 months for a cost of 430 million (US$5.4 million).

Additional Information:

• In Manali, CPCL serves as a mother industry by providing feedstocks to other companies.
• Through IOCL, CPCL's products are promoted.
• With the exception of naphtha, fuel oil, and lubricants, which are partially exported, CPCL's products are primarily used domestically.
• By constructing a wind farm, sewage reclamation facilities, and sea water desalination plants, CPCL has also made ground-breaking contributions to the fields of energy and water conservation.
• CPCL's consolidated net profit for the entire fiscal year 2021–2022 (FY22) was Rs 1,352 crore.
• For FY 2021–2022, total revenue was Rs 60,074 crore. 

The correct answer is Alternative Dispute Resolution.

Key Points

• Alternative Dispute Resolution (ADR) refers to a variety of processes that help parties resolve disputes without a trial.
• ADR is generally classified into at least four types: negotiation, mediation, collaborative law, and arbitration.
• ADR procedures are usually less formal, less expensive, and less time-consuming than trials and litigation.
• Many courts require parties to consider or participate in ADR before permitting the case to go to trial.

Additional Information

• Negotiation
  • It is a voluntary and informal process where parties attempt to reach a mutually acceptable agreement.
  • Negotiation does not involve third parties and allows the involved parties to control the outcome.
• Mediation
  • Involves a neutral third-party mediator who helps the parties communicate and try to reach a settlement.
  • The mediator does not impose a solution but facilitates discussion and resolution.
• Arbitration
  • A process in which a dispute is submitted to an impartial third party (the arbitrator) who makes a decision.
  • Arbitration can be binding or non-binding based on the agreement of the parties.
• Collaborative Law
  • It is a legal process enabling couples who have decided to separate or end their marriage to work with their lawyers to avoid the uncertain outcome of court.
  • It involves a commitment to resolve issues respectfully and equitably without going to court.

The correct answer is Hypertext Transfer Protocol.

Key Points

• Hypertext Transfer Protocol (HTTP) is the foundation of data communication for the World Wide Web.
• It was developed by Tim Berners-Lee and his team at CERN in 1989.
• HTTP is used for transmitting hypertext requests and information between web browsers and servers.
• The protocol follows a request-response model where a client requests data and the server responds with the requested information.
• HTTP operates at the application layer of the Internet Protocol Suite, and it is essential for web browsing and the functioning of the internet.

Additional Information

• HTTPS
  • HTTPS stands for Hypertext Transfer Protocol Secure.
  • It is an extension of HTTP and is used for secure communication over a computer network.
  • HTTPS encrypts the data exchanged between the client and server using SSL/TLS protocols.
  • It provides authentication of the website and protects the privacy and integrity of the exchanged data.
• HTTP Methods
  • Common HTTP methods include GET, POST, PUT, DELETE, and PATCH.
  • GET requests data from a specified resource, while POST submits data to be processed to a specified resource.
  • PUT updates a current resource with new data, DELETE removes a specified resource, and PATCH applies partial modifications to a resource.
• HTTP Status Codes
  • HTTP status codes are issued by a server in response to a client's request made to the server.
  • They are grouped into five classes: informational responses (100–199), successful responses (200–299), redirects (300–399), client errors (400–499), and server errors (500–599).
  • Common status codes include 200 (OK), 404 (Not Found), and 500 (Internal Server Error).
• HTTP/2
  • HTTP/2 is a major revision of the HTTP network protocol.
  • It was developed to improve the performance of web communications by addressing the limitations of HTTP/1.1.
  • HTTP/2 introduces features like multiplexing, header compression, and server push to enhance speed and efficiency.

The Correct answer is Real Estate Regulatory Authority.

Key Points

• The term RERA stands for Real Estate Regulatory Authority.
• RERA was introduced in India under the Real Estate (Regulation and Development) Act, 2016.
• The main objective of RERA is to protect home-buyers and also boost real estate investments.
• RERA ensures transparency and accountability in the real estate sector.
• It mandates that builders and developers register their projects with RERA before advertising or selling.
• RERA provides a mechanism for grievance redressal for buyers against builders.
• The authority aims to reduce project delays and ensure timely delivery of properties.

 Additional Information

• Real Estate Authority
  • There is no specific regulatory body known as the "Real Estate Authority" in India.
  • This term is often confused with the Real Estate Regulatory Authority (RERA).
• Real Estate Re-development Authority
  • This term does not refer to any recognized regulatory body in the real estate sector in India.
  • Re-development usually refers to the process of reconstructing or renovating existing buildings or infrastructure.
• Real Estate Review Authority
  • This term does not correspond to any official regulatory body in India.
  • Review authorities are generally bodies that assess and review certain aspects, but there is no such recognized authority specifically for real estate.

The correct answer is Virtual Private Network.

Key Points

• A VPN (Virtual Private Network) creates a secure and encrypted connection over a less secure network, such as the internet.
• It is widely used for privacy, security, and accessing restricted content online.
• VPNs mask your IP address, making it appear as though you're accessing the internet from another location.
• They are essential for protecting sensitive data, especially when using public Wi-Fi networks.

Important Points

• VPNs are used for both personal and corporate purposes: Individuals use them to safeguard privacy, while businesses use them to allow secure remote access to their networks.
• Popular VPN protocols: OpenVPN, IPSec, L2TP, and PPTP are some of the most widely used VPN protocols for secure data transmission.
• Public vs. Private Networks: A public network, like the internet, is accessible to anyone, while a private network is restricted to authorized users.

The correct answer is Uniform Resource Locator

Key Points

• A URL (Uniform Resource Locator) is the address used to access resources on the web.
• It consists of multiple parts, including the protocol (e.g., HTTP/HTTPS), domain name, and path.
• URLs are standardized by the Internet Engineering Task Force (IETF) and are a subset of Uniform Resource Identifier (URI).
• URLs are essential for locating and accessing websites, files, and other online resources.

The correct answer is Automated Teller Machine.

Key Points

• 'ATM' stands for Automated Teller Machine.
• An ATM allows bank customers to perform financial transactions without the need for a human cashier.
• It enables basic banking functions like withdrawing cash, checking account balances, and transferring funds.
• ATMs are available 24/7, providing round-the-clock access to banking services.
• The first ATM was installed by Barclays Bank in London in 1967.

Additional Information

• ATM Network:
  • ATMs are connected to interbank networks, allowing customers to use ATMs of different banks.
  • Examples of interbank networks include Cirrus, Plus, and Pulse.
• ATM Security:
  • ATMs use PIN (Personal Identification Number) for user authentication.
  • Modern ATMs are equipped with security features like encryption and anti-skimming devices to protect against fraud.
• Types of ATMs:
  • On-site ATMs: Located within or near bank branches.
  • Off-site ATMs: Located at various public places like shopping malls, airports, and railway stations.
• ATM Charges:
  • Banks may charge fees for using ATMs of other banks.
  • Some banks offer free ATM transactions for a limited number of withdrawals per month.

The correct answer is Strengths, Weaknesses, Opportunities and Threats.

Key Points

• SWOT analysis is a strategic planning technique used to help an organization identify its internal strengths and weaknesses, as well as its external opportunities and threats.
• Strengths and Weaknesses are considered internal factors, which organizations can control to some extent.
• Opportunities and Threats are external factors that are influenced by the environment in which the organization operates.
• The SWOT framework is credited to Albert Humphrey, who led a research project at Stanford University in the 1960s and 1970s.
• SWOT analysis can be used for strategic planning, business development, and competitive analysis.

Additional Information

• Strengths: These are the attributes or resources of the organization that are helpful in achieving its objectives, such as strong brand reputation, skilled workforce, and advanced technology.
• Weaknesses: These are the attributes or resources of the organization that are harmful to achieving its objectives, such as lack of capital, poor location, and weak brand recognition.
• Opportunities: These are external factors that the organization can exploit to its advantage, such as market growth, changes in regulation, and technological advancements.
• Threats: These are external factors that could cause trouble for the organization, such as increased competition, economic downturns, and changes in consumer preferences.
• SWOT analysis is often depicted in a two-by-two grid, with each quadrant representing one of the four elements.

The correct answer is Monopolies.Key Points

• Monopolies and Restrictive Trade Practices is how MRTP is officially referred to.
• The MRTP act in India went into effect on June 1st, 1970, after the MRTP bill was enacted in 1969.
• Over the years, this law has undergone numerous revisions as in the years 1974, 1980, 1982, and 1991.
• With the exception of Jammu and Kashmir, this law is applicable to all of India's states.
• In India, the MRTP act is no longer in effect.
• The Competition Act, which was put into effect on September 1st, 2009 by the Competition Commission of India, has taken its place.

Additional Information

• ​The MRTP act was the first significant piece of law to regulate unrestricted and free commerce.
• The government established the Sachar committee in 1977 to oversee the MRTP act's required review.